Insurance losses from an earthquake that struck New Zealand last week are estimated to run at less than $200 million, according to a loss modeler.
Boston-based AIR Worldwide, a subsidiary of Jersey City, N.J.-based Insurance Services Office Inc., estimated that a strong earthquake that struck New Zealand on Dec. 20 would amount to less than $250 million New Zealand dollar (U.S. $192 million at the current exchange rate) in insured losses.
The 6.6 magnitude quake on the Richter scale struck 30 miles east-southeast of Gisborne, New Zealand, according to the U.S. Geological Survey. The quake's epicenter was located out in the ocean.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.